This paper aims to show why Irving Fisher’s own data on interest rates and inflation in New York, London, Paris, Berlin … changes in inflation, not even in the long run. In Fisher’s data, interest rates have more persistence than inflation and … change less than inflation over time. The Fisher effect is a misnomer unless it is taken to refer to what Fisher actually …

recently adopted inflation targets. Some significant shifts in the conduct of monetary policy are detected in the G3 countries … begin to look consistent with an inflation-targeting regime. In addition, the introduction of inflation targeting and … inflation targets and central bank reforms. The paper challenges the one-size-fits-all attitude towards modern central bank …

stability has been fostered by improved monetary policy and by associated changes in the behaviour of inflation, which has …

stronger bargaining position when they try to prevent a cut in money wages. If inflation is so low that some money wages have … to be cut, workers‘ stronger bargaining position requires higher unemployment in equilibrium. However, inflation is more … stable when money wage rigidity binds, providing an incentive for monetary policy makers to choose a low target for inflation …

economic performance under inflation targets, and arguments that the flexible exchange rate has undermined real economic …

independence and inflation. Making use of data on the evolution of central bank independence over time and controlling for possible … country’s inflation performance. Examining a cross-section of up to 69 countries, we are able to show that granting a central … bank more autonomy does not necessarily lead to better inflation performance. To lower inflation by increasing independence …